Myth: Pensions are complicated and difficult to start

Pensions can seem complicated, but not to us at Zurich. We have been operating in the pension industry in Ireland for over 40 years. The Investment and Pension Provider Excellence Awards from Brokers Ireland, 2023 are just some of the many industry awards we have won during this period₁.

Pensions don’t need to be complicated

Your retirement may seem like a lifetime away, but the truth is, the sooner you start planning for it, the brighter your future could be. Despite the vital role a pension plays when it comes to securing a stable financial future, it is often something we put on the back burner. Many people find the subject of pensions complicated, the number of options available confusing, or simply feel that retirement is too far away to worry about.

However, with a little guidance, you can set yourself up for a comfortable retirement. While it may seem overwhelming at first, by breaking down the basics and taking a proactive approach, you can navigate the world of pensions.

Demystifying pensions

A pension is essentially a long-term savings plan aimed at providing you with income during your retirement years. Unlike a regular savings account, money invested in your pension can give you the added bonus of tax benefits. Read our guide to pensions to learn more about the benefits of pensions and how to get started.

Pension planning is not just about securing an income; it’s about peace of mind and ensuring you can enjoy life post-retirement. The earlier you start contributing to your pension, the more time your money has to grow. Even a modest amount invested early can grow into a substantial sum by the time you retire.

How to start a pension

Some tips on how you can get started with pension planning:

• Assess your situation: Understand your income, expenses, and debts to determine your contribution capabilities.
• Set clear goals: Define what you want your retirement lifestyle to be and calculate the necessary savings.
• Choose the right pension plan: Research and select a pension plan that suits your needs. Consult a financial advisor for personalised guidance.

There are various pension options available depending on your employment status so it’s important to speak to a financial planner to ensure that you pick the best pension structure for your situation.

Through individual discussions, risk assessments, and regular reviews, a financial advisor can ensure that your pension is on track to meet your retirement goals.

At Zurich we have all the tools you need to make an informed decision on your pension and future financial planning.

1. Our pension calculator can help you visualise how much you could have in your pension when you retire.
2. Get a free consultation with our financial planners. They will help you understand what the best pension plan is for your needs, the type of investment you are willing to make and the options you have to receive your pension at retirement.
3. Alternatively, you can find an external financial advisor by using our find an advisor tool.

You can find a more detailed step-by-step process on how to start a pension here.

Expert advice

The hardest part of starting a pension is making the decision to start. With the right resources and a little bit of time, you can start your pension with ease. So, choose a pension that can give you the retirement you deserve. Get in touch with a Zurich financial advisor or find a local financial advisor near you with the Zurich Advisor Finder to talk about your options for starting a pension. With a wide range of options, control and flexibility, you can choose a pension plan that’s right for you.

Free consultation    Find an advisor

The information contained herein is based on Zurich Life’s understanding of current Revenue practice as at September 2024 and may change in the future.

This publication has been prepared for general guidance on matters of interest only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice.

Sources:

₁Investment Excellence Award, Brokers Ireland, 2014, 2015, 2016, 2017, 2018, 2019, 2021, 2022, 2023. No awards held in 2020. Pension Provider Excellence Award, Brokers Ireland, 2023, 2022. Fund Management Company of the Year 2023 Award, Business and Finance Financial Services Awards. Life Assurance and Pensions of the Year, InBUSINESS Recognition Awards, 2024.

₂Zurich, 30th June 2024.